Posted on 08/01/2011 11:06:13 AM PDT by Kevin in California
Edited on 08/01/2011 12:52:01 PM PDT by Admin Moderator. [history]
Just reported that in this debt deal is indeed a BIG TAX HIKE!
This is breaking....:
Tax Hikes 'Impossible' Under Debt Deal? Think Again ...
Published August 01, 2011
| FoxNews.com
The debt-ceiling deal moving toward a vote in Congress could easily pave the way for tax increases despite Republican claims that tax hikes are "impossible" under a deal struck with the White House to reduce spending in exchange for a debt-limit increase.
But as everyone knows, "impossible" isn't really in Washington's vocabulary.
Here's how it could happen:
After Congress enacts more than $900 billion in spending cuts to give President Obama a $900 billion lift in the nation's $14.3 trillion debt ceiling, a bipartisan committee will be formed to find roughly $1.5 trillion in additional deficit savings over the next decade.
To get there, the committee is free to look at virtually anything -- including "revenue" -- even though House Speaker John Boehner said Sunday night that current budgeting guidelines make it "impossible" for the 12-member group to approve tax hikes.
Other officials and analysts beg to differ.
"The suggestion that it is impossible for the joint committee to raise tax revenue simply is not accurate, it's false," White House Press Secretary Jay Carney said Monday.
Tea Party-aligned Sen. Mike Lee, R-Utah, said that's one of the concerns stopping him from supporting the deal.
"Certainly, tax increases could be something that we could face," Lee told Fox News.
Boehner is able to claim no tax hikes are possible because the committee would work off the assumption that the Bush tax cuts -- all of them -- will expire in 2013. Combined with other expiring provisions, that adds up to $3.5 trillion in tax hikes over the next decade, without the committee taking any action
Excerpt, read more: here
Can you POSSIBLY be so uninformed as to belive this COMMISSION CN PASS TAX LEGISLATION ON IT’S OWN
Dems are just doing what they always do... Tax Republicans and spend on Dem constituents. The reason there is no budget in FY 11 is because it allows them to keep spending at FY 10 levels (think stimulus) and now we find that stimulus spending is going into the baseline for FY 12. We need someone who can out smart these criminals...
Not really...did anyone REALLY think that we were going to get real spending reform with the Dems in control of the Senate and White House?
IMHO this doesn’t help the Dems that much, but nor does it hurt them.
What hurts them is Obama’s 40% approval rating, 1.4% GDP growth (likely to be revised down), and unemployment over 9%.
NO debt deal was going to improve that between now and fall 2012.
Time to slow down, read the bill in its entirety and pause to consider the future of the country. Birthday party has to be on the back burner.
The reason the Speaker is late is he has to explain to some air-heads that that is the case.
Good!!!! Why would the Republicans want their name on this piece of garbage. It does NOTHING to help the economy.
Did you miss the mechanism in the bill that Granny gets it if the commission can’t agree
6 dems
raise taxes
Granny gets it if a RINO doesn’t cave.
Plus this is all about monkeying around with the baseline.
Agreed - the problem was the Donks didn’t want their Dear Leader to have to face this in his re-election and refused to approve any deal that exposed him to that.
Sad thing is, I don’t think it’ll matter much for Obozo.
Any increase in national debt is by nature a tax increase. All debt must eventually be paid by tax revenues. The amount tax revenues must increase, in present value terms, is equal to the increase in the debt. Debt = taxes. Law of Economics.
Well at least it’s not a blog!
The House will take up the deal after 6:00 PM.
“Well at least it’s not a blog!”
Yeah, but seems we used to have standards here.
Posting like this is Bull**it!
Let's see... this is crisis number four or five since Obummer was elected. Always last minute crisis, eliminating time to be reasonable. Every Representative and Senator should be required to visit their district before passing any bill. Tired of "back-room" deals made in D.C.
Anyone else hear about the bill including free (tax-paid) birth control for the asking and again cutting Medicare payments to doctors? A partner in my doctor’s practice just announced he will not take any new Medicare patients.
Like or dislike doesn't enter the equation.
It's unsourced hear-say. Would you be in favor of everyone posting threads about something they saw on TV?
Shannon Bream is a nitwit.
Fox is into sensationalism.
That said, what she said - if your report is accurate - is speculative.
As yet - as of your post about it - the supposed tax hike in the agreement is unidentified.
Her statement on why Speaker Boehner is late is guesswork...she had nothing to back it up.
Another post says the vote is postponed because the deal doesn’t have the votes.
That could be why Boehner was late...but no, the nitwit Shannon Bream guessed it was because a big tax hike was hidden in plain sight in the deal and was suddenly discovered.
I’ll wait before reacting.
Almost by definition, $Trillions more in debt *IS* a tax increase. You need to include who is being taxed when defining more debt as a tax. In this case, the tax is on our kids, their kids, and their kid’s kids.
And I’m not kidding.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.